Savers should act now to get existing deals | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 19/03/2020

The Bank of England has unexpectedly cut base rate this afternoon by 15 basis points, from 0.25% to 0.10%. Savers should consider acting now to secure the best deals currently available in the charts as providers could start reducing rates in response to today’s announcement.

The Bank of England’s public records date back to October 1694 and today’s cut reduces base rate to the lowest it has been since this day. Previously, the lowest rate offered was 0.25% on 16 March 2020 and 4 August 2016. While cutting base rate came as a surprise, it brings base rate in line with the US’s Federal Rate of 0-0.25%, which was a 100 basis point reduction from the previous range of 1-1.25% last Sunday. Furthermore, the European Central Bank rate stands at -0.5%, showing that the Bank of England base rate could be cut further.

Last week, the Bank of England cut the base rate from 0.75% to 0.25%, which has seen average rates across the savings market fall in just one week. As such, savers should consider acting now to get the best deals currently available in the savings charts in case providers makes further reductions.

Where to find the best saving rates

The best rates currently available in the charts can be found in the long-term fixed rate bonds, however savers wanting to lock into a shorter term can still find some highly competitive rates available in the one and two year fixed rate charts. In addition to this, while ISA rates have not increased as would normally be expected at the start of the ISA season, there are a number of competitive rates currently available in the fixed rate ISA charts.

To find the best savings rates available visit our fixed rate bond and fixed rate ISA charts.

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